Artko Capital 4Q 2018 Partner Letter

For the fourth calendar quarter of 2018, an average partnership interest in Artko Capital LP was down 27.1% net of fees. At the same time, an investment in the most comparable market indexes—Russell 2000, Russell Microcap, and the S&P 500—lost 20.2%, 22.1%, and 13.7%, respectively. For the calendar 2018, an average partnership interest in Artko Capital LP lost 18.6% net of fees, while investments in the most comparable aforementioned market indexes were down 11.0%, 13.1%, and 4.9%, respectively. Our monthly results and related footnotes are available in the table at the end of this letter. Our results this quarter came from contributions from our hedges, Joint Chiropractic and Research Solutions. Broad based pullbacks in the rest of the portfolio companies detracted from the overall performance.